President of the ECOWAS Bank for Investment and Development (EBID), Mr Bashir Mamman Ifo, has spoken about the bank’s intention to generate the sum of 25 billion francs from the West African Economic and Monetary Union capital market this quarter.
Mr Ifo stated this during the 61st meeting of the Board of Directors of the EBID, held on Tuesday, 5th March 2019 at its headquarters, in Lomé, Togo.
EBID approved partial financing – During the meeting, the Board approved partial financing (to the tune of $50 million) for the Sasstown-Klowein Road construction project, in southeastern Liberia. According to the Board, the public sector road construction project, among other crucial components, comprises civil works for fifty kilometers (50km) approximately.
The board also approved the 2018 Activity report – In addition to the approval for the financing of the project, the Board of Directors approved the 2018 Activity report and 2018 Accounts which were both recommended for the approval of the Board of Governors.
How the bank raises funds – With regard to resource mobilization, Mr. Ifo pointed out that it was a continuous process through which the Bank raises funds from financial markets within the region from Europe and from Asia to finance projects.
What you should know about ECOWAS
The ECOWAS Bank for Investment and Development (EBID), emerged as a banking group (the EBID Group) after the transformation of the erstwhile Fund for Cooperation, Compensation and Development of the Economic Community of West African States (ECOWAS Fund) in 1999.
It is the financial arm of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
The banks’s functions – The Bank operates primarily in the following areas: infrastructure, transport, energy telecommunications; agriculture and rural development, social sector; industry, services (financial services, financial engineering, hotels/tourism, etc.).